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Closing Gold & Silver Market Report, 6/21/2012


Precious Metals prices are feeling the effects from the Federal Reserve’s announcement Wednesday that there would not be further stimulus at this time, with prices dropping. Analysts and investors are cynical in their outlook for the American economy and commodities. Kyle Cooper at IAF Advisors said, “It doesn’t look like the economy is taking off anytime soon, and oil demand is pretty poor.” Today, the Gold price experienced its biggest drop today since April 4; it dipped 3.1 percent. 

Federal Reserve Chairman Ben Bernanke said yesterday he’s concerned about the cost associated with easing programs. Bernanke said, “We’re prepared to do more. We have to get additional information on the state of the economy, what’s happening in Europe.” Bernanke’s statements Wednesday created speculation among many investors that QE3 will be likely with one more weak United States data report. 

At 5:07 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,566.10, Down $50.20.
  • Silver, $26.94, Down $1.56.
  • Platinum, $1,440.70, Down $28.10.
  • Palladium, $609.50, Down $11.00.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.


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